PONTE
VEDRA, Fla., July 14,
2023 /PRNewswire/ -- Cadrenal Therapeutics, Inc.,
("Cadrenal" or the "Company") (Nasdaq: CVKD) a biopharmaceutical
company developing tecarfarin, a late-stage novel oral and
reversible anticoagulant (blood thinner) for certain rare medical
conditions, today announced that it has closed its previously
announced private placement with an institutional investor for the
issuance and sale of 4,285,715 of its shares of common stock at a
purchase price of $1.75 per share (or
pre-funded warrant in lieu thereof) priced at-the-market under
Nasdaq rules. In addition, the Company issued to the investors in
the offering unregistered warrants (the "warrants") to purchase up
to an aggregate of 4,285,715 shares of common stock. The aggregate
gross proceeds to the Company from the private placement were
approximately $7.5 million. The
Company intends to use the net proceeds from the offering for
working capital purposes.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering and Boustead Securities, LLC acted as financial
advisor to the Company.
The warrants issued in the offering are exercisable immediately
upon issuance at an exercise price of $1.75 per share and will expire five and one-half
years from the date of issuance.
The unregistered shares of common stock, pre-funded warrants and
warrants sold in the offering described above were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the "Act") and Regulation D promulgated
thereunder and, along with the shares of common stock underlying
the pre-funded warrants and warrants, have not been registered
under the Act or applicable state securities laws.
Accordingly, the shares of common stock, the pre-funded warrants,
the warrants and the shares of common stock underlying the
pre-funded warrants and warrants may not be offered or sold in
the United States absent
registration with the Securities and Exchange Commission ("SEC") or
an applicable exemption from such registration requirements. The
securities were offered only to accredited investors. Pursuant to a
registration rights agreement with the investors, the Company has
agreed to file one or more registration statements with the SEC
covering the resale of the unregistered shares of common stock and
the shares issuable upon exercise of the unregistered pre-funded
warrants and warrants.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Cadrenal Therapeutics, Inc.
Cadrenal
Therapeutics is developing tecarfarin, a late-stage novel oral and
reversible anticoagulant (blood thinner) with orphan drug and Fast
Track designations for the prevention of systemic thromboembolism
(blood clots) of cardiac origin in patients with end-stage kidney
disease, or ESKD, and atrial fibrillation. Tecarfarin is
specifically designed to leverage a different metabolism pathway
than the oldest and most commonly prescribed Vitamin K antagonist
(warfarin) used in the prevention of thrombosis. Tecarfarin has
been evaluated in eleven (11) human clinical trials and more than
1,000 individuals. In Phase 1, Phase 2, and Phase 2/3 clinical
trials, tecarfarin has generally been well-tolerated in both
healthy adult subjects and patients with chronic kidney disease
(CKD). For more information, please
visit: www.cadrenal.com.
Safe Harbor Statement
Any statements contained in this press release about future
expectations, plans, and prospects, as well as any other statements
regarding matters that are not historical facts, may constitute
"forward-looking statements." These statements include statements
regarding the intended use of proceeds. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," "target," "will," "would" and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including the uncertainties related to market
conditions and the completion of the offering on the anticipated
terms or at all, the Company's ability to complete its planned
Phase 3 trial on time and achieve desired results and benefits as
expected, and the risk factors described in the Company's Annual
Report on Form 10-K for the year ended December 31, 2022, and
the Company's subsequent filings with the SEC, including subsequent
periodic reports on Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. Any forward-looking statements contained in
this press release speak only as of the date hereof and, except as
required by federal securities laws, Cadrenal Therapeutics
specifically disclaims any obligation to update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
Contact
For more information, please contact:
Cadrenal Therapeutics:
Matthew Szot, CFO
858-337-0766
press@cadrenal.com
Investors:
Lytham Partners, LLC
Robert Blum, Managing Partner
602-889-9700
CVKD@lythampartners.com
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SOURCE Cadrenal Therapeutics, Inc.